Sonya Ravindranath Waddell Vice President and Economist, Regional and Community Analysis Research Department National and Regional Economic Outlook VA Senate Finance Committee November 21, 2019 The views and opinions expressed herein are those of the author. They do not represent an official position of the Federal Reserve Bank of Richmond or the Federal Reserve System.
22
Embed
National and Regional Economic Outlooksfc.virginia.gov/pdf/retreat/2019 Harrisonburg/112119_No1...National and Regional Economic Outlook VA Senate Finance Committee November 21, 2019
This document is posted to help you gain knowledge. Please leave a comment to let me know what you think about it! Share it to your friends and learn new things together.
Transcript
Sonya Ravindranath Waddell
Vice President and Economist, Regional and Community Analysis
Research Department
National and Regional Economic Outlook
VA Senate Finance Committee
November 21, 2019
The views and opinions expressed herein are those of the
author. They do not represent an official position of the Federal
Reserve Bank of Richmond or the Federal Reserve System.
What is the Story?
On the one hand…
• Consumer spending growth is solid
• Employment is growing and labor markets are tight
• The Virginia economy continues to grow
On the other hand…
• Residential and business investment has been soft
• Slowdown in manufacturing, particularly among firms with a global
reach
– Trade policy remains uncertain
– Global economic growth is slowing
• Sentiment indices are soft
• Growth in Virginia continues to trail that of the nation and economic
activity is not uniform across the Commonwealth
2
National Economic Trends
3
U.S. Real Gross Domestic Product
Source: Bureau of Economic Analysis, Federal Reserve Board /Haver Analytics